Merit Hill Capital

What Merit Hill Capital does

Merit Hill Capital, LP is a privately held, woman-owned U.S. real estate investment firm that acquires, owns, and manages self-storage facilities on behalf of institutional investors through a series of closed-end fund vehicles and joint ventures. Founded in 2016 by Liz Raun Schlesinger, who previously co-founded the W.P. Carey self-storage platform in 2006 and built the 8th largest U.S. self-storage portfolio there, the firm maintains a single-asset-class focus and has raised seven investment vehicles since inception. As of December 31, 2025, Merit Hill had reviewed more than 12,400 individual properties, acquired 565+ properties across 335+ separate transactions, and disposed of 154 properties in 16 separate transactions, with a portfolio spanning multiple U.S. states.

The firm's product set comprises value-add funds (Funds I–VI), a core-plus fund (Merit Hill Self-Storage Core Plus Fund, LP, launched 2021), and discretionary co-investment joint ventures with institutional LPs and sovereign wealth funds. Total cumulative equity commitments across vehicles stand at approximately US$2.0 billion, with Fund V closing at US$500M in 2024 and Fund VI at US$578.3M in 2026. Underlying investment activity involves sourcing small, one-asset acquisitions through off-market and first/last-look relationships with public REIT managers and self-storage investment advisors (Extra Space Storage, CubeSmart, and Argus Self Storage Advisors), then executing value-add initiatives — conversions, expansions, and energy conservation projects — either directly or through third-party management agreements with those same operators.

Merit Hill is headquartered in Brooklyn, NY, with a secondary office in Dallas, TX, and a team of more than 30 employees as of December 31, 2024. Revenue is generated through management fees and carried interest on its closed-end funds, supplemented by acquisition and disposition transaction fees. The firm has no proprietary technology product; its core competency is manual underwriting, relationship-driven deal sourcing, and active asset management in the U.S. self-storage asset class.

Name

Merit Hill Capital

Legal name

Merit Hill Capital, LP

Website

https://merithillcapital.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Merit Hill Capital is a woman-owned, private U.S. real estate investment firm that acquires, owns, and manages self-storage facilities through closed-end value-add and core-plus funds for institutional investors and sovereign wealth funds.

Ownership category

akta.pro rank

Product category

Self-Storage Real Estate Investment

NAICS

Other Financial Vehicles (525990), Portfolio Management and Investment Advice (523940)

SIC

Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799)

akta.pro primary industry

Real Estate Funds — Core (Stabilized, Income) (FSANAEAF)

Keywords

• Self-storage investment
• Real estate investment
• Value-add funds
• Asset management
• Institutional investing

Headquarters

HQ city

Brooklyn

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Fund Management and Advisory Fees: Merit Hill Capital generates revenue through management fees and carried interest from its closed-end investment vehicles. The firm has raised 7 vehicles since founding in 2016, including core-plus funds and value-add vehicles, with total equity commitments of $2.0 billion.
2. Property Acquisition and Disposition: Revenue generated through acquisition fees when purchasing properties and disposition fees when selling assets. The firm has acquired 565 properties through 335+ separate transactions and sold 154 properties in 16 separate transactions.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Merit Hill Capital is a woman-owned, real estate investment firm that acquires, owns, and manages self-storage facilities across the U.S. through closed-end fund vehicles. The firm raises capital from institutional investors and sovereign wealth funds to acquire individual self-storage properties through off-market and first-look opportunities, then operates them through third-party management partnerships. Since founding in 2016, the firm has raised 7 investment vehicles totaling over $2.0 billion in equity commitments.

Product overview

Merit Hill Capital is a woman-owned, real estate investment firm that operates as a single-asset-class investment platform focused exclusively on self-storage. The firm does not offer a technology product but rather manages multiple investment vehicles: Merit Hill Self-Storage Core Plus Fund, LP (core-plus strategy), Fund V ($500M closed 2024), and Fund VI ($578.3M closed 2026). These funds acquire, own, and manage self-storage facilities across the U.S. through value-add strategies involving property optimization, third-party management relationships, and disciplined underwriting. The firm has raised 7 vehicles since founding in 2016 and manages a diversified portfolio through hundreds of small, one-asset transactions.

Differentiator

Problem solved

Functional benefit

Products and services

• Merit Hill Self-Storage Core Plus Fund, LP Merit Hill's first core-plus investment fund focused on acquiring and managing self-storage properties across the U.S. with stable, income-generating characteristics. Targeted at institutional investors seeking exposure to self-storage real estate.
• Merit Hill Self-Storage V, LP (Fund V) Value-add investment vehicle that closed fundraising in 2024 with total commitments of $500 million, above the fund's target size, focused on acquiring and optimizing self-storage properties.
• Merit Hill Self-Storage VI, LP (Fund VI) Value-add investment vehicle that closed fundraising in 2026 with total commitments of $578.3 million, above the fund's target size, focused on self-storage acquisitions.
• Self-Storage Investment Management Services Comprehensive investment management services including acquisition sourcing, due diligence, asset management, and value-add initiatives such as conversions, expansions, and energy conservation projects for self-storage facilities. Provided to fund investors and underlying fund vehicles.

Quantifiable outcome

• Acquired 565+ properties through 335+ transactions and sold 154 properties in 16 separate transactions since founding
• +2 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Extra Space StoragecoreStrategic or Co-development PartnerExtra Space Storage is one of Merit Hill's most tenured, largest and most valued partnerships. Merit Hill operates properties managed by Extra Space Storage, and Extra Space continually looks for more ways to grow this decade-plus relationship. Noah Springer, EVP and Chief Strategy and Partnership Officer at Extra Space, describes Merit Hill as the hardest working team in self-storage.
• CubeSmartcoreStrategic or Co-development PartnerCubeSmart is one of Merit Hill's largest third-party management clients. The companies have worked closely together for ten years, buying stores from one another, working collaboratively to enhance stores through additional capital investment, and creating value through buying right and leveraging CubeSmart's operating platform.
• Argus Self Storage AdvisorscoreStrategic or Co-development PartnerArgus is a leading self-storage investment advisor with 26 years of history. Ben Vestal, CEO of Argus, describes Liz and her team at Merit Hill Capital as the most efficient, productive, honest and enjoyable team to interact with, noting their unparalleled underwriting work and leadership principles.
• W.P. CareyminorStrategic or Co-development PartnerFounder Liz Raun Schlesinger co-founded the W.P. Carey self-storage platform in 2006 and led the acquisition of over 120 self-storage properties totaling approximately $1B while there, building the 8th largest self-storage portfolio in the U.S. as of 2016.

Scale indicators9 records

Recent moves12 records

Expansion highlights6 records

Direct peers

• Extra Space Storage: Largest U.S. self-storage REIT by store count and Merit Hill's most tenured operating partner; manages many Merit Hill-owned properties. Comparable as both a competitor for self-storage acquisitions and a customer/distribution partner for the firm.
• Heitman: Independent real estate investment manager with multiple sector-focused funds serving institutional investors. Comparable to Merit Hill in structure (multi-fund, institutional LP base) and in raising dedicated U.S. real estate strategies from sovereign wealth funds and pensions.
• National Storage Affiliates: Public self-storage REIT that aggregates independent owner-operators. Comparable to Merit Hill in its focus on fragmented self-storage consolidation, though structured as a public REIT rather than a closed-end private fund manager.
• CubeSmart: Public self-storage REIT and one of Merit Hill's largest third-party management clients. Operates one of the largest self-storage platforms in the U.S. and partners directly with Merit Hill on buying/selling and operating stores.
• W. P. Carey: Diversified net-lease REIT where founder Liz Raun Schlesinger co-founded the self-storage platform in 2006 and built the 8th-largest U.S. self-storage portfolio. Directly comparable as a sponsor of self-storage-focused investment strategies.
• SmartStop Self Storage: Public self-storage-focused REIT with a sponsor/acquisition strategy that overlaps Merit Hill's deal sourcing in U.S. self-storage markets. Both target fragmented, value-add self-storage portfolios.

Broad incumbents

• Public Storage: Largest publicly traded self-storage REIT in the U.S. Sets market prices and cap rates that directly affect Merit Hill's acquisition and disposition economics, even though its scale is far larger than any private competitor.
• Harrison Street Real Estate Capital: Alternative real estate asset manager that runs thematic/sector-focused investment strategies (including self-storage and net lease), comparable to Merit Hill as a sector-specialized PE real estate manager raising closed-end funds from institutions.
• Life Storage: Public self-storage REIT (now combined with Extra Space Storage) that competes with Merit Hill for institutional-quality self-storage portfolios in the U.S.

Emerging players

• Argus Self Storage Advisors: Leading self-storage investment advisory and brokerage firm; listed as a strategic partner of Merit Hill for sourcing and underwriting deals. Comparable as a niche self-storage capital-markets intermediary.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/merithillcap

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Merit Hill Capital